11th Aug 2017, New Delhi
Max India Reports Strong Financials for First Quarter FY2018
Q1 FY2018 Highlights:
- Max Healthcare Network Gross Revenues: Rs. 702 Cr., grew 10%
- Max Bupa Gross Written Premium: Rs. 159 Cr., grew 30%
- 102 out of 190 units already sold in Antara Senior Living’s Dehradun community
Max India Ltd. (Max India), Max Group’s listed company operating in the Health and Allied Services sector, today announced its financial results for the first quarter of financial year 2017-18 (Q1 FY2018).
Max India’s flagship operating company Max Healthcare (MHC), reported Gross Revenues of Rs. 702 Cr. in Q1 FY2018 for its network of owned and managed hospitals, growing 10% over the previous year. MHC’s key tertiary and quaternary care specialities continued to be significant contributors to revenue growth with Oncology, in particular, reporting strong 24% growth during the quarter.
Max Bupa, one of India’s leading standalone private health insurers, reported Gross Written Premium (GWP) of Rs. 159 Cr. in Q1, growing a healthy 30% over the previous year. This quarter also marked the on-boarding of South Indian Bank as a new bancassurance partner for Max Bupa, making this the sixth such partnership for Max Bupa. Operations under this alliance will commence in the second quarter of FY2018.
Antara Senior Living, the third operating company under Max India, is pioneering the concept of ‘Age in Place’ for the elderly by developing Senior Living communities in India. With its first community in Dehradun having become operational, the company has now sold over 50% of its units (102 out of 190) in the community. Since inception, Antara has generated collections of Rs. 208 Cr.
Commenting on Max India’s performance, Mr. Rahul Khosla, Chairman, Max India said, “Max India’s key businesses continued to perform well this quarter and are well positioned to deliver strong growth through the year. It is a testimony to Max Healthcare’s focus on customer-centric processes that our patient experience scores have improved 11 percentage points over last year, driven by initiatives that cover medical and administrative touch points for patients and their families. We have also gained traction in the newly launched Centre for Liver and Biliary Sciences at Max Saket, completing 100 liver transplants in a short 5-month period. Max Bupa’s new partnership with Bank of Baroda has already started bearing results, driving strong overall growth especially in the bancassurance channel. Finally, with the successful launch of Antara’s first community in Dehradun, our focus will now be on accelerating sales and improving collections.”
Mr. Mohit Talwar, Managing Director, Max India, added, “MHC’s growth is being driven not only by our key specialities such as Oncology, which grew 24% this quarter, but also by expansion into upcountry centres such as Lucknow, Moradabad, Meerut, Srinagar, as well as into key international markets. In addition, cost optimisation efforts at MHC have delivered savings of over Rs. 15 crore in material and personnel costs over the past quarter. Max Bupa continues to outpace the private health insurance sector with strong GWP growth and is on track to achieving break-even by 2019. With multiple key marketing efforts lined up, Antara is expected to ramp up its sales velocity significantly in the coming months.”
In January 2016, the Max Group concluded an important corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. With the listing of the Max India stock in July 2016, all three holding companies of the Max Group are now listed.
About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2017, the Group recorded consolidated revenues of Rs 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC, Ward Ferry, Temasek, Vanguard, Wasatch, Fidelity and New York Life.
The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
About Max India Limited
Max India, the holding company of Max Bupa Health Insurance and Antara Senior Living and equal joint venture partner in Max Healthcare, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories and are recognized for their outstanding service standards. The Company owns and actively manages a 49.70% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange.
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